APA, AR, BNK.TO, CIE, CNQ, CPG.TO, EPE, GPOR, GTE, Inpex, KOG, LINC.SI, LUPE.ST, OXC.TO, OXY, PAA & PAGP, PBR, PDCE, PRE.TO, REP.MC, SD, SXL, TAO.TO, TGL.TO, WES & WGP
Apache Corp (APA)
Q1’14 Wrap-Up: Rebalancing Continues; Permian Steps Up
8 May 2014 ¦ 15 pages ir.citi.com
Antero Resources (AR)
8 May 2014 ¦ 15 pages ir.citi.com
Q1’14 Wrap-Up: Strong Growth On Track As Utica Ramps Up
Bankers Petroleum Ltd. (BNK.TO)
Opex Down in Q1; Secondary Recovery Near
9 May 2014 sendspace.com
Cobalt International Energy (CIE)
More Running Room, More Prize
08 May 2014 sendspace.com
Canadian Natural Resources Limited (CNQ.TO)
First Read: Q1 In Line; Updates to Guidance
08 May 2014 sendspace.com
Crescent Point Energy Corp (CPG.TO)
Q1 In Line; Uinta Updates
08 May 2014 sendspace.com
EP Energy Corp (EPE)
Guidance Raise: Round 1; Reiterate Buy Rating & $23.50 Target Price
9 May 2014 ¦ 16 pages ir.citi.com
Gulfport Energy Corp. (GPOR)
Another Bump in the Road to the Utica Promised Land; Reiterate Outperform
9 May 2014 sendspace.com
Gran Tierra (GTE)
Pipeline Disruption Impacts; Nudge Down TP
9 May 2014 sendspace.com
Inpex (1605)
Q4 results—in line with expectations
9 May 2014 ¦ 7 pages ir.citi.com
INPEX Corporation (1605 / 1605 JP)
Results a beat; Ichthys progressing nicely...
12 May 2014 sendspace.com
Kodiak Oil & Gas Corp (KOG)
Varying Performance On Bakken Downspacing
8 May 2014 sendspace.com
Linc Energy Ltd (LINC.SI / LNC SP)
Royalty reality
11 May 2014 sendspace.com
Lundin Petroleum (LUPE.ST)
Mixed 1Q, but project delivery encouraging
08 May 2014 sendspace.com
Oryx Petroleum (OXC.TO)
Lower Capital Plan; First Production Coming
11 May 2014 sendspace.com
Occidental Petroleum Corp (OXY)
Upgrading to Buy on Restructuring Pro Forma Analysis
9 May 2014 ¦ 18 pages ir.citi.com
We are upgrading OXY to a Buy from Neutral and increasing our target price to
$111 from $103 p/s. We have recut our model for the spin-off of California
Resource Corp, OXY's asset sale program and a shift to horizontal drilling in the
Permian. Our upgrade is based on: 1) an almost doubling of ROCE in Upstream
through the decade; 2) our expectation for reduced capital intensity and
increased cash flow from the Al Hosn, BridgeTex and Chlor-Alkalai projects. We
now estimate an adjusted FCF yield through 2020 of nearly 10%; and 3) a robust
share repurchase program (~130mm shares over 3yrs) supported by OXY's
restructuring efforts. We do not include the impact of the MENA sale at this time.
Faisel Khan, CFA | Robert S Morr
Plains All American Pipeline/Plains GP
DCF Beat; Guidance Unchanged but Mix is Adjusted
9 May 2014 ¦ 14 pages ir.citi.com
PAA reported 1Q14 adjusted EBITDA of $567 mil, compared to our forecast of
$539 mil and consensus of $556 mil for the quarter. The beat was largely driven
by higher than expected margin from the supply and logistics segment, while the
facilities segment missed expectations. Notably, the facilities segment was
impacted by severe winter weather as the natural gas storage business faced
deliverability issues and rail volumes came in lower than expectations.
Faisel Khan, CFA
Petrobras (PBR)
1Q14: Sailing along
11 May 2014 sendspace.com
PDC Energy (PDCE)
Signs Point to Higher Production
9 May 2014 sendspace.com
Pacific Rubiales (PRE.TO)
Solid Q1 results – Upside left from production growth, exploration
8 May 2014 ¦ 9 pages ir.citi.com
Pacific Rubiales (PRE.TO)
Lower Cash Flow; Decrease TP
9 May 2014 sendspace.com
Repsol (REP.MC)
1Q Gains as US North East Freezes
8 May 2014 ¦ 10 pages ir.citi.com
SandRidge Energy Inc (SD)
Neutral 1Q Report; Maintain Neutral Rating & $6.40 Target Price
8 May 2014 ¦ 15 pages ir.citi.com
Sunoco Logistics Partners L.P. (SXL)
1Q In-Line, Strong Volumes As Crude Flows To GC Via Nederland
8 May 2014 ¦ 11 pages ir.citi.com
TAG Oil Ltd. (TAO.TO)
High Impact Zone Misses at Cardiff; Lower TP
11 May 2014 sendspace.com
TransGlobe Energy Corp. (TGL.TO)
Production Guidance Hit; Decrease TP
08 May 2014 sendspace.com
Western Gas Partners 1Q Results
1Q In-Line, Lancaster Plant Online
8 May 2014 ¦ 16 pages ir.citi.com |
